Yealink(SZ:300628) Xin Lang Cai Jing·2025-09-12 12:44Group 1 - The company reported a revenue of 2.65 billion yuan in H1 2025, a year-on-year decrease of 0.64%, and a net profit attributable to shareholders of 1.24 billion yuan, down 8.84% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.45 billion yuan, a decline of 3.90% year-on-year, and a net profit of 678 million yuan, down 14.36% year-on-year, primarily due to the transitional period of overseas capacity construction affecting order shipments [1] - The company’s desktop communication terminal revenue in H1 2025 was 1.30 billion yuan, a decrease of 13.63%, while the meeting products revenue was 1.08 billion yuan, an increase of 13.17% [2] Group 2 - The company has launched several new products in H1 2025, including MeetingBar A40/A50 and SmartVision 80, contributing to a market share increase in the meeting products segment [2] - The cloud office terminal revenue reached 262 million yuan in H1 2025, reflecting a growth of 30.55%, with a compound annual growth rate of nearly 45% from 2020 to 2024 [2] - The company is actively addressing tariff fluctuations by deploying overseas warehouses and enhancing overseas capacity transfer, which is expected to stabilize downstream demand [3] Group 3 - The company forecasts net profits attributable to shareholders of 2.73 billion yuan, 3.04 billion yuan, and 3.40 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 2.9%, 11.7%, and 11.9% [4] - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 18, 16, and 14 times, respectively, maintaining a "buy" rating [4]